The Pros Of Business Mediation

In the world of business, disagreement can happen and putting an end to disputes through business mediation is now getting popular

. Difference of opinion that leads to dispute can occur among business partner or between two or more companies and can affect their respective business relationship. Choosing between mediation and a lawsuit, mediation has its advantages compare to litigation. A lawsuit is time consuming and can be very quite expensive. The process itself may take a huge toll on their respective businesses not only of time and money but also the image build for years can be also at risk. Mediation can save time, money and reputation if the parties involve are truthful enough to really solve the problem. In some cases a single business mediation meeting is sufficient enough to resolve the disputes and this saves a lot of time compare to the legal process wherein businesses are bound to follow the slow pace procedure in litigation. In terms of the financial strain, mediation is far cheaper than a lawsuit. A litigation means paying filing fees, court cost and other legal fees while in mediation, fees are base on the actual time consume during the mediation proceedings.

One of the advantages of mediation is that the proceeding and the results is confidential thus the reputation of each company is given utmost importance. A companys reputation is at stake and could mean either victory or collapse. A widely publicized dispute is the least of the company needs as news like this can drive away prospective clients and can be used by business competitor to carry off their existing business connections. The litigation process itself is considered as public proceedings and the documents are accessible to anyone who wants to view them. As in any lawsuit, there is always a winner and a loser as the judge will base his or her decisions on the merits of the evidence. Both parties can not control the outcome and after the final decision has been rendered, the business relationship of the parties is damaged.

In mediation, the main purpose is to build a condition that is reasonable to the participants. Each party should be open to give something in return to another demand. In this way both parties are exerting effort mutually to attain an agreement. This kind of communication is necessary to achieve a smooth and flourishing business relationship. One of the best thing about mediation is a resolution is made and the business relationship is intact. The settlement is considered binding

The agreement can be used in any impeding issues ahead of time. In cases where no common settlement has been made, both parties should agree that all elements of the mediation process should be deem as confidential and any part of the proceedings can not be used as evidence in the court of law. Businesses choose mediation as it is fast, less expensive, confidential and more often, the outcome could be a winning situation for both parties. In business mediation process, the reputation of each party is not at jeopardy and the working relationship remains in one piece.

by: Craig Simons

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